SYDNEY, Jan 21 (Reuters) - Asian markets got off to a
subdued start on Tuesday amid a dearth of major data, with the
only action being a spike in the New Zealand dollar on talk
interest rates could rise there as early as next week.

Leads were few and far between with most European share
markets marginally lower and Wall Street shut for a holiday.
That left MSCI's broadest index of Asia-Pacific shares outside
Japan down a bare 0.07 percent, while
Australia's main index eased 0.3 percent.

Investors had a wary eye on Chinese money markets after the
People's Bank of China (PBOC) announced a surprise injection of
funds on Monday aimed at curbing a recent spike in rates.

The central bank also broke tradition by saying it would add
more money at its regular operations on Tuesday, an apparent
attempt to avoid a repeat of the severe cash crunch that roiled
markets in June.

The early mover in Asia was the New Zealand dollar which
surged half a U.S. cent to $0.8329 after inflation data
came in higher than expected and fuelled already intense
speculation of a rate rise.

Annual inflation ticked up to 1.6 percent in the fourth
quarter of 2013, the fastest pace in 21 months.

The country of 4.5 million is undergoing an economic revival
thanks in large part to China's insatiable demand for its dairy
exports, and particularly baby formula.

That has greatly lessened the need for rates to remain at
record lows of 2.5 percent and led markets to price in a series
of hikes this year.

The Reserve Bank of New Zealand next meets on Jan. 30 and.
if it does not move then, an increase is considered virtually
certain for March.

ECB LIQUIDITY

Other major currencies were locked in tight ranges. Against
the yen, the dollar was steady at 104.15, as was the euro
at 141.22.

Against the greenback, the single currency pared some of its
recent losses to stand at $1.3555, up from a two-month
trough of $1.3508.

Investors will be watching liquidity operations by the
European Central Bank later Tuesday to see if they act to
correct a recent sharp rise in money rates, a tightening of
conditions that could threaten the region's recovery.

Attention will also be on Turkey's central bank as a
crumbling currency piles pressure on for a hike in interest
rates at its policy meeting on Tuesday.

The lira has hit a string of record lows while
the cost of insuring Turkish debt spiked to 18-month highs as a
government corruption scandal undermined investor confidence.

In commodity markets, gold steadied at $1,254.98 an
ounce, after hitting its highest level since mid December at
$1,259.85 on Monday.

Chinese gold imports, the lone bright spot in an otherwise
disastrous year for bullion in 2013, look set to fall from last
year's record levels, adding to pressure on gold as analysts
forecast a price decline for a second year.

Platinum rose to their highest in nearly three months
at $1,469.50 an ounce after the main trade union for South
African platinum miners said workers at the world's top three
producers would go on strike this week.

Brent crude oil for March delivery eased 15 cents
to $106.33 a barrel, while U.S. crude fell 59 cents to
$93.78.